Reference no: EM132937784
Aneen's Video Mart sells one-and two-year subscriptions for its video-of-the-month business. Subscriptions are collected in advance and credited to unearned revenue. An analysis of the subscriptions received for 2020 and 2021 revealed the following:
2020 2021
Cash collected $420,000 $500,000
Less refunds 20,000 30,000
Net cash collected $400,000 $470,000
Subscriptions expire as follows:
2020 $120,000
2021 155,000 $130,000
2022 125,000 200,000
2023 140,000
$400,000 $470,000
Problem 1: In Aneen's December 31, 2021, balance sheet, unearned subscription revenue reported under current liabilities should be
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